KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
The FBM KLCI index lost 10.18 points or 0.62% on Monday.
The Malaysian market seen a sharp drop as low crude oil prices and anticipation of the US interest rate decision hit the Asian market. Across Asia, Japan's Nikkei 225 was down 1.8%, South Korea's Kospi fell 1.07%, while Hong Kong's Hang Seng index dropped 0.72%. Asian share markets.
US FED RATE ANTICIPATION AND LOW CRUDE OIL PRICES HIT BURSA MALAYSIA
US policy makers will meet tomorrow (Dec 15) and on Wednesday (Dec 16) to decide on the country's monetary policy. A US rate hike does not bode well for emerging Asian markets like Malaysia as investors turn their attention to US dollar-denominated assets.
A US rate hike will be the country's first increase in about seven years from near-zero levels.
Newly-listed Red Sena Bhd's shares and warrants were the most-actively traded counters with XOX just behind it on Bursa Malaysia today.
The top decliners were British American Tobacco and included both Petronas Gas Bhd and Petronas Dagangan Bhd while the top gainers were Ajinomoto (M) Bhd and Kluang Rubber Co (M) Bhd.
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| FBM KLCI index dropped by 0.62% |
US FED RATE ANTICIPATION AND LOW CRUDE OIL PRICES HIT BURSA MALAYSIA
US policy makers will meet tomorrow (Dec 15) and on Wednesday (Dec 16) to decide on the country's monetary policy. A US rate hike does not bode well for emerging Asian markets like Malaysia as investors turn their attention to US dollar-denominated assets.
A US rate hike will be the country's first increase in about seven years from near-zero levels.
Crude oil prices have fallen below US$40 a barrel on oversupply concerns. At the time of writing, Brent oil was trading at US$37.74 a barrel. Sentiment on crude oil also hit the ringgit as the commodity forms a major component of the Malaysian economy and government revenue. The ringgit weakened to 4.3267 against the US dollar at 5pm.
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| Newly listed Red Sena Bhd led the top active today |
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| British American Tobacco was the biggest loser |
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| AJI and KLUANG were both in the top gainers for the day |
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